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Frank Contrarian Viewpoint #117.5

See that blue arrow pointed to that guy’s head? He might be a wealthy man one day. If he plays his cards right, I give him a 43% probability of achievement which is something I cannot say about other entrepreneurial endeavors.

There were only two millennials in attendance. I know this because as we did an impromptu age roll call during a luncheon and we only had two young men (both mid-thirties) stand-up. The rest of us stood up when 40, 50, 60, and 70 years old were called. I estimate the average age of these small business execs at 50.

Mind you, I did not spot anybody using a walker or a cane, but as I wandered the conference floor and attended sessions, I could not help but wonder who in the hell is going to replace us? Where is the young blood for this industry? As I see it, small business government contracting is not a sexy industry and thus not attracting millennial entrepreneurs. Remember the old Apple commercials featuring PC and Mac?

Not too hard to figure out which guy belongs in Washington, DC and the other in Silicon Valley. The PC/DC guy tends to wear suits and ties and the rules and regulations to conduct business are crushing. Few gov cons will set up shop in a WeWork environment, there will be no dogs in the office, and forget about the kegerator. Ask an MBA entrepreneurship class about heading east (assuming you are west of DC) to set-up a govcon business and eyes will dart to the floor.

So why should millennial entrepreneurs consider entering the govcon world? Below are my top four reasons:

Warren Buffett often discusses his economic moat concept in that a business should continue to widen the moat every year to keep its competitors at bay from its core business. There are many ways in government contracting to construct a business moat ranging from company ownership (i.e., set-aside eligibility), contract vehicles, and security clearances.

Notwithstanding the PC guy pictured above, as I understand it, Washington, DC and its immediate surroundings are considered cool places to live. I am not a millennial and ceased being cool along time ago, so you have to make your own decision about this.

Finally, it’s not all about money in government contracting. In my business, we serve active duty service members and veterans on a variety of programs and we enjoy a double bottom line; making a profit while supporting our Nation. For me, I can have my cake and can eat it too.

So pack up your stuff and Waze it to DC or Silicon Valley? Let me know your thoughts.

The American Council on Education estimates 1.5 million U.S. veterans will be transitioning to the civilian workforce over the next three-to-five years – a 30 percent increase over historical norms. As increasing numbers of veterans enter the workforce, it’s important for companies to recognize that veterans offer unique and versatile skill sets as potential employees. It’s even more important for companies to provide full spectrum support for the transitioning veterans.

“Full spectrum support” goes beyond hiring a veteran, and includes training organizational leaders and managers in veteran-specific issues, such as financial guidance, educational assistance, stress management tips, and emotional and family support. Through Three Wire’s VetAdvisor Program – a peer-to-peer coaching program tailored to support veterans through all phases of transition from military to civilian life – we work tirelessly to ensure businesses and veterans have the custom tailored support necessary to succeed in both their personal and professional lives.

Bunker Labs CEO and U.S. Navy veteran Todd Connor points out that “…while plenty of Americans and industries strive to support [our vets], they often don’t know how to interact with them.” Veterans live and work in a military culture that is often foreign to the civilian population. Day-to-day business environments and operations are usually very different.

Bunker Labs’ research also found that 25% of veterans want to start businesses in their local communities. Civilian mentors and professional networks each serve to support “vetrepreneurs” while navigating a successful entrée into their chosen industry. Fortunately, there are many resources available to the vetrepreneurs including programs supported by the SBA (Veteran Business Outreach Centers, Boots to Business, Contracting Support for Small Business), the Department of Veteran Affairs (Vet Biz, Veteran Entrepreneur Portal) and the National Veteran Small Business Coalition.

At VetAdvisor, we are the “First in Veteran Centric Care” and offer a mission-centric focus that cultivates and celebrates the years of military skills and service that veterans bring to bear. Some of these skills include a strong work ethic, attention to detail, managerial and organizational skills, sense of teamwork, and a calling to serve a purpose greater than self.

Improving the veteran’s experience in the workplace – providing each a full spectrum of support – includes being aware of what the veterans’ needs are and implementing the appropriate support mechanisms to address those needs. At VetAdvisor, we endeavor to partner with organizations seeking to recruit, retain, and actively engage with veteran employees as part of our Human Capital Management service offering.

Many people view writing a cover letter as a chore. You draft your resume, translating your skills into marketable bullet points, and feel accomplished. Then, you realize the job opportunity you are scoping out requires a cover letter. What? More writing?

Yes. It’s worth it. There are several reasons why you should include a cover letter with your resume when you apply for any job. Below we’ve outlined five of them.

It provides an opportunity to present your position-related skillsets. In your cover letter, you can highlight your previous accomplishments and how they align with aspects of the position you’re applying for. Make sure you reference the position description to show your unique qualifications and keep your cover letter from feeling generic.

It includes information that might be out of place on a resume. Resumes usually follow a standard format and often there are points you may wish to make about yourself that won’t fit neatly into the template. As career expert Heather Huhman notes, “Cover letters allow you – in narrative form – to tell the employer exactly why hiring you, instead of the numerous other candidates, is a good decision.”

Its demonstrates an additional level of effort that you didn’t necessarily have to make. Although it may seem insignificant, the fact that you took the time to write a unique cover letter shows you care about getting a job just a bit more than someone who doesn’t write one. It shows you’re willing to take that extra step to succeed.

It adds a personal touch. Your cover letter helps set your resume apart from others by giving an employer a better sense of who you are and what your personality is. It can give some life to your resume.

It demonstrates your writing ability. Almost all employers want employees to be able to write. A cover letter is written in a personal, narrative form instead of a series of short phrases and bullets like a resume, so it provides an added dimension to your writing ability.

Ultimately, a well-written cover letter will strengthen your resume and increase your chances of getting an interview and eventually a job. It’s worth the time and effort it takes.

Whether you’re shopping for a new vehicle because you want to or because you must, shop in a smart and efficient way. You want to feel good about your investment. Feel confident that you got the best deal possible and that your new vehicle will get you safely from point A to point B.

The process of buying a vehicle can be daunting because there are so many things to consider. Sometimes it’s hard enough to decide what you want, let alone the price you want to pay; but the following five important tips will help you feel more confident about the purchase you make.

Shop Around. Take time to shop around at various banks for your loan. In addition to finding the most competitive rates and fees, shopping around will give you a more balanced idea about how much of a loan you qualify for. Understanding what you can afford is a great place to start.

Completing a “prequalification” with a lender is different than a “pre-approval.” Both refer to an assessment that precedes a loan application and neither one guarantees a loan, but prequalification requires less information from you, is a fairly quick and simple process, doesn’t cost anything, and gives you a good idea of how much of a loan you will qualify for.

Research Prices. Once you know your price range, research prices on at least two different vehicles that you are interested in, considering the year and amount of mileage on the vehicle. Knowledge is power and comes in handy when you’re negotiating with the salesperson.

Read Reviews. Take time to read reviews and watch YouTube videos that evaluate the vehicles you’re considering. This will give you a better idea of what to pay attention to during your test drive and what questions to ask the salesperson.

Never Buy on Impulse. Don’t allow your emotions to cloud your decisions, especially when you see something you want. Use the strongest power you have for a great deal: the power to walk away and leave the dealership! You might be surprised at how much they are willing to negotiate when they see a sale slipping away.

Use Car-Buying Services. Take advantage of car-buying services that are offered by companies such as USAA. These can take some of the stress out of buying a car— use their corporate knowledge and experience to steer you in the right direction and give you confidence in the decision you make.

Stress and physical activity are things that we deal with daily, but you may be surprised at how related they are. Even a small amount of physical fitness can boost your “feel good” endorphins and act as a distraction from day-to-day worries and stressors. If you find yourself stressed on a regular basis, exercise could be a healthy form of stress management.

Exercise and physical activity increases neurotransmitters called endorphins. If you have ever heard anyone talk about a “runner’s high,” they are actually referring to the increase in endorphins they experience from the act of physical activity. Endorphins trigger positive feelings in the body similar to morphine without the negative effects of drug use/abuse. Endorphins are also known to act as analgesic, which means they diminish the perception of pain. They also act as a sedative and can increase healthy sleep patterns, which are directly related to stress, anxiety, and depression.

While involved in a high paced activity, you will often find yourself concentrating on your bodily movements, rather than concentrating on the day-to-day irritations and stressors. As a result, many find themselves able to focus on tasks better, tackle projects with increased energy and enthusiasm, and have a more optimistic attitude in general.

Even if exercise has not been a word in your vocabulary for quite some time, building up levels of physical activity can have immediate positive effects on your overall wellbeing. If it has been awhile, start slow and increase as you go along. It helps to choose activities that you already find enjoyable.

Also, pencil in some physical activity on your weekly agenda; this will help you stick with goals you set for yourself. Exercise is worth the time slot in your schedule as regular exercise has been proven to reduce stress levels, boost self-esteem, ward off anxiety and depression, and improve sleep.